Omaha daily bee., 1887-03-06
A PICNIC FOR THE BULLS.
Wheat Catches the Upward Fever and Prices
Go Adjoining.
THE BEARS LEAD A LONG DANCE.
Corn Scores a Marked Advance, With
Very Active Tradin.-Oats Tend
Toward Higher Prices
Pork Stands Still.
CHICAGO PRODUCE MARKET.

CHICAGO, March 5.-[Special Telegram to
the BEE, Wheat caught the fever to-day
and closed 2ss0e215c higher than yesterday
and SIC higher than the day preceding.
First trades in May were at S0ssc. The
course of values was upwards thereafter,
with only one reaction. The bulls had
picnic, the first they have experienced for
sixty days, and they relished the entertain
ment immensely. The bears danced to the
bull music and they were not given rest
from start to finish. No cause fOf the ad-
vance was assigned beyond that which has
existed for the past ten days or two weeks,
but everybody seemed to realize at once that
wheat was cheap, that it was good thing to
have, and an undesirable commodity to be
short of. With the speculative appetite
whetted to keen edge by the success of the
campaign in provisions, and attention turn
ing from dangerous pork and dropping stocks
into other and more promising channels, May
wheat was run from SOasc to Sls4c. 1t then
settled back 10 sl14c, moved up to sl1a@Sl%c
the market being steady and strong.
ggreat deal of business was done on
the decline and on the recovery from
size to S19sc. About half an hour before the
closing prices started up once more an did
not stop until S24c was reached. The last
and June s3lsc. At this range the market
acted strong, but eased off on the curb
Cables were somewhat conflicting; but gen.
orally steady. There was vast deal OF gos-
sip atioat about deals and manipulation, but
that was only to have been expected on SO
sharp bulger. Any motion OF values that Is
not downward has become associated in the
minds OF many with the manipulation idea.
There was q continuation OF the bull turn
started in corn yesterday and speculative
trading in the aggregate proved large, there
being more outside orders than tor sometime
past. Several prominent traders IRON the
IN the deal and as the shorts again rushed to
lower prices were higher from the very out
set. The opening quotations were 1s@94c
anSEs 1sSs Last Ssne nights OSe Ssosnffs for gst May
May eased on 14c soon after the opening.
heavy general and promiscuous buying to
4lhc with scarcely an interruption. AT this
at both sessions yesterday and on the curb,
began to unload, and the market sagged
under the pressure OF the increased offerings
to 4os4G94O1sc, but it did not stay down. The
and at o'clock 411s044Ac was bid. This
was an advance Of lgl1sc in the leading fu-
lures. There was considerable selling
against cGbbed ,S corn tSs;day ssb The heI receipts
mated for Monday. OF the 2l0 cars inspected
III yesterday only sixteen were of contract
grades On this bulge the corn market has
shown greater buoyancy relatively speaking
than wheat. Oats were fairly active, but
most of the speculative business was trans
acted early. This market also had its little
boom, May selling from 2STc up to
294c, closing within small fraction
of the top. Pork was inactive to-day
with the price pegged at s2l.OO, though it was
$2l.05 for moment. Several lines were
said to have been settled yesterday between
$1,000 and S2l.OO, but nothing was done to.
day so far as can be learned. There was
heavy trading in ribs and fair degree of
activity in lard. There has been considerable
selling of meats during the past few days
!ainst country stocks. and to-day there was
unquestionably good deal of unloading Of
the product bought for local speculative ac-
count. Ribs for May sold to SS.S5, and lard
to $3.50, the former selling off later to Ss.55
S.5716, and closing at SS.5711, and lard set
Ting down to S765, where it closed.
There is more or less of the hog product
being shipped to Chicago in quantities suf-
fcient to drown the market. Country stocks
are not excessive and the country production
of pork was exceedingly light this season,
and any pork which is shipped in from the
outside must pass rigid inspection.
Omaha can forward considerable meat, but
Kansas City, ST. Louis and other western
and southern points do not seem 10 be over
stocked or TO have more than enough tn sup
ply their consumption trade.
The feeling on curb was easier at Sls4c for
May wheat and 401 &C for corn.